Need Help?
Need professional advice for your consent to let with Cynergy Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Cynergy Bank consent to let
- I have a house in Sutton but I am moving with my girlfriend to a different location for career reasons and moreover close to her university. I would like to retain the house but not sure I can afford a buy to let mortgage. It will only be temporary -two years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Cynergy Bank. Is there a chance I won't be approved for consent to let?
- As a result my career, I am confident that Cynergy Bank will provide me with Consent to Let from the outset of owning a property. My intention is to buy a property locally and lease it out, I will remain in the house that is provided (rent payable) by my employer. As I will be renting out the property I will obviously have to complete a Self Assessment Tax Return, but I just want to check that although it is my only property (and it is not on a buy to let mortgage), will I still be able to utilize Tax relief on the interest on my loan and the associated costs of letting out the property. I have only been able to track down information for those with a buy-to-let mortgage, but mine will technically be residential.
- I have just been presented with an excellent career opportunity for eight months abroad. I have enough savings to cover the monthly Cynergy Bank mortgage yet the buildings insurance requires that the property must be occupied in order to be valid. Last December the roof was damaged but repaired. Should there be any problems in the winter months I would find it hard to afford remedial works. How likely is it that I will get consent to let from Cynergy Bank for a limited period?
- Last month I got married and my wife and I would like to buy a family home in the coming year, whilst keeping our one bedroom apartment in Hillingdon we currently live in to rent out. Mortgage on the flat is with Cynergy Bank. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- We are having to relocate to Kenya for eighteen months for my job but I don't want to switch my mortgage to BTL as the intention is to move back into it when I return. Do you know if Cynergy Bank charges extra on the interest? Is there any way around this?
- How simple is it to get a consent to let from Cynergy Bank and what will it cost me? If I want to let out my property for three months how easy is it to fluctuate between a standard mortgage and consent to let?
- I am currently in the process of applying for a mortgage through Cynergy Bank - I foresee that in the within months I may decide to rent the property out - how would I transfer the FTB mortgage to a BTL mortgage?
- About to remortgage my flat but I will potentially moving out in the next year and would be looking to lease it out. Do Cynergy Bank give a consent to let letter?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Cynergy Bank consent to let Advice
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming null and void. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Cynergy Bank your property may be repossessed